Ambuja Cements said after market hours yesterday, 23 December 2014, that the company has filed a Special Leave Petition in the Supreme Court, challenging a demand notice for Rs 248 crore arising from disallowance of a sales tax incentive availed by the company in Rajasthan for the period 2001-02 to 2008-09. Ambuja Cements said that the company had availed sales tax incentives under the incentive schemes of the Rajasthan state government for the period 2001-02 to 2008-09 pursuant to the order passed by the Board of Industrial and Financial Rehabilitation (BIFR) while sanctioning the Scheme of Rehabilitation of erstwhile Ambuja Cements Rajasthan which was subsequently merged with Ambuja Cements. Later, the Assistant Commissioner, Commercial Taxes Department, Rajasthan issued demand notices on the company for Rs 248 crores (including the interest of Rs. 134 crores) by rejecting the company's claim of availing sales tax incentives under the BIFR order. The company had subsequently filed Writ Petitions in the Jodhpur bench of the Rajasthan High Court challenging the demand notices. On 19 December 2014, the Rajasthan High Court passed an order dismissing the writ petitions filed by the company.
ONGC after market hours yesterday, 23 December 2014 in a clarification with regard to news item titled "Technip wins Rs 800 crore contract to build onshore terminals in AP for ONGC" said that in a press release issued by the company on 29 May 2013, it was stated that ONGC board approved an investment of $751.65 million (Rs 4124.35 crore) for integrated development of Vashista S-1 Fields. Subsequently, ONGC has awarded execution of Vashista & S1 onshore terminal through international competitive bidding to Technip on 9 May 2014 on lump sum turn key (LSTK) basis, including taxes and duties with total financial impact of Rs 786.08 crore. ONGC said that it has not put out any press release with regard to above award of the contract to Technip. Further, award of such contracts are in the ordinary course of business of ONGC and this need not be intimated to the stock exchanges, ONGC added.
Jaiprakash Associates after market hours yesterday, 23 December 2014 said that its board of directors at a meeting held on 23 December 2014, approved the disinvestment of two cements units to UltraTech Cement one each in Bela and Sidhi, Madhya Pradesh. The board approved the memorandum of understanding setting out the broad terms and conditions of the proposed acquisitions. The enterprise value of this acquisition has been agreed at Rs 5400 crore, Jaiprakash Associates said.
IFCI after market hours yesterday, 23 December 2014 said that the Committee of Directors of IFCI at its meeting held on 23 December 2014, approved the issue of secured, redeemable, non-convertible debentures under Tranche II - public issue of NCD, subject to statutory approvals. Total amount for which the securities will be issued is Rs 250 crore (base issue size) with an option to retain oversubscription upto the residual shelf limit i.e. Rs 790.813 crore (i.e. balance remaining out of the shelf limit of Rs 2000 crore). The opening date for the proposed issue is 1 January 2015 and closing date is 4 February 2015.
Bhushan Steel said after market hours yesterday, 23 December 2014, that it received receipt of copy of the ex-parte ad- interim order of Sebi restraining the promoters of the company, Mr Brij Bhushan Singal, Mr Neeraj Singal, Mrs Ritu Singal and Mr Uma Singal from accessing the securities market and buying/ selling or dealing in securities, either directly or indirectly, pending enquiry and passing of the final order in the matter of First Financial Services. The individuals concerned, will take necessary steps as may be available under law. However, the company sees no bearing of the said interim order on the operations/ performance of the company.
Promoters of Bhushan Steel are barred by Sebi for suspected money laundering and tax evasion activities through stock markets. All four of them were reportedly allotted shares on preferential basis by Radford Global and First Financial -- the two firms at the centre of a massive Sebi crackdown on misuse of this route of share allotment to launder money and avoid taxes.
Tree House Education & Accessories said after market hours yesterday, 23 December 2014, that the Capital Raising Committee (QIP Committee) of the board of directors of the company has, at its meeting held on 23 December 2014, approved the issue and allotment of 45.45 lakh shares to eligible qualified institutional buyers at the issue price of Rs 440 per share, aggregating to Rs 199.99 crore.
Manappuram Finance announced after market hours yesterday, 23 December 2014, that the board of directors of the company at its meeting held on 23 December 2014 has approved the acquisition of 70% stake in Asirvad Micro Finance, Chennai subject to approvals from Reserve Bank of India and to execute necessary agreements to conclude the transaction. The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore.
Modison Metals announced after market hours yesterday, 23 December 2014, that the company has inked a pact with a USA company, ECI Atlanta for distribution and marketing of its products in North America. The company is trying to enhance the geographical reach particularly in North America and it is a major milestone in line with overall strategic plan.
Fulford (India) announced after market hours yesterday, 23 December 2014, that as a part of the Global Transaction of Bayer AG globally acquiring the consumer care business from Merck & Co., the consumer care products viz. Alaspan, Polaramine, Tinaderm (Consumer Care Products) (including the trademarks) which were marketed by Fulford (India) have been transferred to Bayer Pharmaceuticals. Bayer will completely take over the marketing and distribution of the Consumer Care Products with effect from 1 January 2015.
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